FX Concepts sued for $5.5 million by fired fixed income trader

By Lawrence Delevingne

Tue Jan 18, 2011

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Former employee seeks damages for a range of grievances against the firm and founder John Taylor; FX Concepts strongly denies the charges.

An employee fired from $8 billion currency-focused hedge fund firm FX Concepts is seeking more than $5.5 million in damages from his former employer and its founder, John Taylor. Michael Zentz, dismissed in December 2007, filed a complaint in December 2010 in New York state supreme court alleging, among other things, that the firm fired him unfairly, withheld six months of his trading commissions, and that Taylor, FXC’s founder, embezzled funds to pay for separate business ventures and family expenses, thereby hurting shareholders like Zentz.FX Concepts and Taylor declined to be interviewed but denied the allegations through their lawyer, Thomas Golden, a partner at Willkie Farr & Gallagher in New York."Mr. Zentz, who was terminated for cause over three years ago, is a disgruntled ex-employee whose claims are entirely without merit. Indeed,...

ISSN: 2151-1845 / CDC10004H

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